Many people are motivated to work hard because of the potential for large pay, which may also help them progress professionally. Senior-level opportunities are plentiful; qualified applicants may find employment in various fields at competitive salaries.
Knowing which occupations in Australia pay the most can encourage you to strive for higher-paying positions and help you prepare for the future.
In this piece, we’ll look at 15 of Australia’s best-paying jobs and explain what they entail, along with the average salary throughout the country.
The 15 Highest-Paying Jobs in Australia in 2022
experts compiled this comprehensive list after analysing the tax reports of over 14 million Australians and additional information gathered from Seek and Business Insider Australia.
It should not be surprising that medical specialists top the list of high earnings; after all, their careers require a lot of study, effort, pressure, and long hours.
Although there are hundreds of medical specialisations, the article has listed the most lucrative ones to better comprehend the highest-paying jobs in various industries.
Let’s start with the most lucrative specialisation in Australia and most parts of the world!
1. Surgeon
Median pay: $394,303.
Surgeons are medical professionals who diagnose and treat patients before and after surgical procedures. Before specialising, all surgeons must get experience in general surgery.
The numerous types of surgery and the different operations, skills, and credentials considerably influence the wage gaps—making this average income rather deceptive. With an average salary of $600,387 among medical specialists, neurosurgeons earned the most, followed by orthopedic surgeons ($500,269) and ophthalmologists ($533,511).
Qualifications:
- Get a degree in medicine from a recognised institution.
- Have at least three years of working experience in a clinical environment.
Third-year residents may pursue fellowships in neurosurgery, cardiothoracic surgery, orthopedics, or plastic surgery via the SET program at the Royal Australasian College of Surgeons. In most cases, this will take five or six years.
Surgeon certification and Royal Australasian College of Surgeons (FRACS) membership are awarded upon completing the SET.
2. Anaesthetist
Median pay: $386,065.
Anesthetists generally make very high salaries, which is unsurprising given the danger and intricacy involved. Anesthesiologists are medical specialists who assist surgeons by giving patients a general or a local anesthetic before surgery.
When considering taxes, an Australian anesthesiologist’s annual salary is $386,065, or $4,647 per week.
Qualifications:
- A medical degree from a recognised institution and complete a yearlong clinical internship.
- Have at least one year or more in a medical residency program.
- Complete the FANZA, a five-year professional training program.
3. Internal Medicine Specialist
Median pay: $304,752.
Internal medicine experts get extensive training to diagnose, manage, and treat complex health conditions, some of which might be difficult to diagnose or complicated. They often confer with other medical professionals and could have specialised concentrations or sub-specializations in infectious diseases, cardiology, geriatric medicine, and rheumatology.
Qualifications:
- Have a degree in medicine from a recognised institution.
- Have at least three years of training as an internist at an accredited hospital.
- A proposal of your admission from the presiding committee to Fellowship after completion of Advanced Training satisfactorily.
4. Financial Dealer
Median pay: $275,984.
A financial dealer is an individual who trades products and stocks for gain using their own money and identity.
The average annual salary for a financial dealer is $275,984, or around $3,483 per week.
Many successful financial dealers have four-year bachelor’s degrees in fields like business, banking, accounting, marketing, or actuarial science. Working environments for financial dealers include brokerages, personal finance businesses, banks, and accountancy firms.
Qualifications:
- A degree in business courses like accounting, finance, or economics.
- A relevant license from ASIC (Australian Securities and Investments Commission)
5. Psychiatrist
Median pay: $235,558.
When it comes to dealing with a wide variety of problems related to mental health, a psychiatrist has several instruments at their disposal, including psychotherapy, treatment regimens, diagnostic testing, medication, and hospitalisation.
Qualifications:
- Have a degree in medicine from a college or institution that is recognised worldwide.
- Get the skills necessary to become a certified medical practitioner and apply to the RACP) to participate in further training.
6. Other Medical Practitioners
Median pay: $222,933.
The medical industry’s range of responsibilities and compensation is large and diverse. Cardiologists, orthopedic specialists, and gastroenterologists, to name a few of the most in-demand and well-paid medical practitioner specialties, earn an average of around $450,000 per year.
Many kinds of doctors include family doctors, pediatricians, obstetricians, orthodontists, periodontists, dentists, and many more. The path you choose to specialise in will align with your interests and the population you want to serve.
Qualifications:
- Get a degree in medicine from a college or institution that is recognised worldwide.
- Participate in an internship for one year.
- Get registration as a medical practitioner with the Australian Medical Board.
- Completing an additional year or two of preparatory studies is required.
- Get a fellowship via a program that specialises in developing specialists.
- Become a medical practitioner
7. Judicial and Other Legal Careers
Median pay: $188,798.
The legal space offers various positions and some of the best compensation plans. The judicial field has specialists, including:
- Judges
- Paralegals
- administrative assistants
- attorneys specialising in contracts
- personal injury
- Bankruptcy
- Immigration
- Criminal
- corporate, or
- any other area of law.
Pursuing a career in law is thrilling because you may specialise in whichever area interests you most and use your expertise to affect real change in statutes at the municipal, state, or federal levels and in the courtroom, the tribunal, or even the royal commission.
Qualifications:
- Complete either an undergraduate degree in law called a Bachelor of Law or a Juris Doctor (JD)
- Completing Practical Legal Training, which you may do in a timeframe of less than a year, is something you should do.
- Get admission from the appropriate Admissions Authorities for the state or territory within five years of graduating high school.
- Make an application to the local Law Society to get a Practicing Certificate.
- Completing between 18 and 24 months of supervised practice in an attorney’s office is required.
8. Mining Engineer
Median pay: $184,507
Mining engineers are responsible for designing, evaluating projects, and supervising construction. They accomplish this by conducting surveys of the mineral wealth and collaborating with experts.
Furthermore, they are in charge of organising employee hiring and establishing safety guidelines and procedures. They also must put the mines back in their condition before mining starts.
Qualifications:
- Complete the last two years of a Bachelor of Engineering program at MEA (Mining Education Australia), a joint initiative between various Australian institutions specialising in mining or geotechnical engineering.
- Graduate Mining Engineer Vacancies Available
9. Enterprise Architecture Manager
Median pay: $168,762.
Managers of enterprise and systems architects oversee an organisation’s information technology networks’ strategic and operational management, performance, and technical aspects. This includes everything from developing and implementing new services to supervising the installation of new software and hardware.
They oversee enterprise architects, software architects, and other IT specialists and are responsible for the overall picture of their company’s IT performance.
Qualifications:
- A certificate, bachelor’s degree, or master’s degree in computer science, information technology, or a closely related discipline is required.
- Programming and software development knowledge, as well as familiarity with storage media and the cloud, are all desirable qualifications.
- Having managerial, leadership, and company expansion experience would be a plus.
10. CEO or Managing Director
Median pay: $164,896.
The job of chief executive officer (CEO), sometimes known as the managing director, is the highest-ranking executive role in a corporation and is responsible for managing the firm’s operations, organisation, employees, and resources.
General managers are responsible for overseeing the creation of business plans, budgets, and strategies and detecting risks that may impact the organisation’s effectiveness, productivity, and, ultimately, profitability.
Qualifications:
- Get a bachelor’s degree in a field relevant to business (a master’s degree is optional).
- Get practical experience via employment.
- Education and experience are two of the most significant and constant variables for success in high-level business. Still, there is no one route to becoming the head of a firm.
11. Engineering Manager
Median pay: $159,940.
Managers in the engineering field supervise groups of engineers and are often in charge of developing strategies for technical operations, civil engineering, and building construction.
Overseeing recruiting, coordinating activities, and communicating with other department heads are a few of the day-to-day tasks that fall under this category.
Qualifications:
- Complete an Honors Bachelor of Engineering degree that Engineers Australia recognises
- Get job experience via an internship while you are still in school.
- Following receiving your degree, you should become a member of Engineers Australia and submit your information to the NER (National Engineering Registry)
- Participate in the activities of the Institute of Public Works Engineering Australasia by joining the organisation.
12. Quantitative Analyst
Median pay: $153,539.
A quantitative expert, or “quant,” uses statistical and mathematical methods to evaluate a company’s financial data and risk management to improve the effectiveness of the firm’s investment choices, pricing, and operational procedures. This position is in great demand as businesses realise the need for risk assessment and management in today’s uncertain economic climate.
Qualifications:
- Get a certificate, diploma, or bachelor’s degree in a discipline relevant to finance.
13. Company Vice President
Median pay: $151,358.
A job held by a senior executive who is responsible for the day-to-day and long-term management of the company’s operations, structure, personnel, and resources. The day-to-day operations, business plans, budgets, and strategies, and the identification of risks that might influence the organisation’s efficiency, creativity, and, ultimately, profitability all fall within the purview of the vice president.
Qualifications:
- Get a bachelor’s degree in a field linked to business (a master’s is preferable).
- Get Real-World Experience
Although there is no path to top executive positions and many ways to get there, training and expertise are two of the most essential and constant variables.
These are some of the courses we offer if you’re interested in furthering your education or gaining new skills in the field of business and management:
- Certificate IV in SMEs
- Certificate IV in SMEs Management
- Diploma of Management and Leadership
- Advanced Diploma of Leadership and Management
14. Director of Information Security
Median pay: $149,204.
Information security directors protect sensitive company information and thwart hacking attempts. Job qualifications and responsibilities vary considerably from one organisation or sector to the next.
Budgeting, resource allocation, strategy, execution of security, data, and technology policies and procedures, and HR-related functions, including recruiting, firing, and training, are all a part of their day-to-day responsibilities.
Qualifications:
- A certificate program, an associate’s degree, or a bachelor’s degree program in a computer science or cyber security discipline is required.
- Acquire relevant job experience.
Remember that many director-level security roles call for a master’s degree or higher in a related discipline, such as cybersecurity or IT security management.
15. Enterprise and Software Architect/Manager
Median pay: $140,933
Enterprise and software architects maintain an organisation’s information technology networks. This includes updating and improving services and supervising the deployment and installation of software and hardware.
Software management services are increasingly becoming crucial, especially in this digital era. For instance, every company needs to cope with the latest developments or information technology (IT) adjustments to gain a competitive advantage in whatever field they are dealing in.
Qualifications:
- Have a bachelor’s or master’s degree in computer science, IT, or any relevant course.
- Hands-on knowledge of various systems, hard drives, and cloud computing, as well as prior experience working as a computer programmer or software developer, would be very beneficial.
Other Lucrative Careers
16. Credit Analyst
Nobody likes taking chances. Credit analysts play an essential role in this context. A Credit Analyst’s job is to examine data and market trends to identify possible risks a company may face when borrowing or lending money.
In addition, you will participate in the process of determining if a potential loan applicant poses an unacceptable level of risk. Credit analysts are in great demand in Australia. The average salary for one starts at $86,625 (Australian dollars) per year, rising to $136,275 (Australian dollars) for those with years of experience and a senior position.
Qualifications:
- Bachelor’s degree in finance, accounting, or a discipline closely linked to any of those subjects
- You might be considered for a post if you have substantial experience dealing with various financial institutions.
17. IT Portfolio Manager
In recent years, widespread recognition of investing’s value has emerged. Everyone, from your dad’s investment advice when you were young to corporations, now recognises the necessity for professional portfolio managers.
An IT portfolio manager uses the “art of investing” to handle investments, implement plans, and contribute to the IT department’s financial objectives by cutting expenses, lowering risk, and increasing revenue.
Beginning IT Portfolio Managers in Australia can expect to earn a starting salary of $127,931 (AUS). The average yearly salary for someone in this field is around $159,802 (AUS).
Qualifications:
- Have a degree at the undergraduate level in business, accounting, economics, or finance.
- A master’s degree in either business administration or finance is required.
18. Finance Analyst
Being a financial analyst is an excellent career option for those who enjoy working with financial data. Due to the huge business demand, Australia might be the ideal workplace. The job of a financial analyst involves making forecasts and providing suggestions on allocating resources based on data analysis.
The need for financial analysts to assist leading organisations in generating financial reports and making leading financial choices has increased recently. Starting salaries in this industry average $92,642 (AUS) per year for entry-level positions, with the opportunity to grow to $135,000 (AUS) per year with time and effort invested.
Qualifications:
- A degree in Economics, Finance, or Commerce, either at the Bachelor’s or Master’s level
- Moreover, substantial job experience in economics and finance would be desired.
19. Investment Banking Associate
Do you wish to go to Australia and assist individuals in developing their money and investments? An associate position in investment banking may be right for you. Australia may not have its own Wall Street, but its financial markets are growing.
You will spend much of your time as an Investment Banking Associate interacting with clients: helping them, supporting them, and finding ways to increase their pleasure and productivity. In a word, your role will be to assist customers in realising their financial objectives.
If you have an extensive investment history, Investment Banking Associates can assist you in identifying potential investment opportunities and refining your investment goals and strategies. One of the top-paid positions in Australia’s financial industry, an Investment Banking Associate may expect to make an average of over $210,000 (AUS) each year.
Qualifications:
- a bachelor’s degree in banking and finance-related topics from one of the following disciplines: business, commerce, accounting, or economics
- Even a Master of Business Administration with a concentration in finance is often considered sufficient for accreditation as an Investment Banking Associate.
Fields With Best Paid Jobs for Fresh Australia Graduates
The highest-paying employment in Australia for recent college graduates will frequently differ from those for experienced pros. After all, acquiring significant work experience is often necessary to qualify for the positions that offer the highest earnings in the nation.
But, several professions still have the opportunity to pay well straight away. Young grads (or individuals about to graduate) may apply for one of these careers, particularly if earning a decent living is vital to them. Here are the five professions in Australia that give the highest salaries:
1. Medicine
Medical careers often need extensive academic preparation. Depending on their specialty, a surgeon may require eight or more years of study, while registered nurses need around four.
While earning a medical degree might be time-consuming, it can pay off handsomely once you enter the workforce. The time and effort you put into your studies will be rewarded.
For instance, starting salaries in the healthcare industry hover around A$70,000. In addition, when healthcare professionals acquire experience and seniority in their respective hospitals or practices, their salaries rise over time.
2. Dentistry
Dentists, like medical doctors, may expect a high starting wage after completing their education. After dental school, the average beginning wage is A$86,300 per year. A graduate may expect an average income of A$105,100 within three years.
Like other medical professionals, dentists spend a long time in school learning their craft. But, because of the time and effort they put in before graduation, they can earn a respectable wage almost immediately after graduation.
Preparing for a future in dentistry may be challenging, and there may be moments when you’ll never finish school. But it will, and when it does, you may expect to get a well-paying job.
3. Engineer
Engineering is among Australia’s best-paying professions. This explains why engineers may expect a good wage almost immediately after graduation.
Moreover, engineers might expect different beginning salaries based on the specialty of their education. An aeronautical engineer, for instance, may expect a starting salary of around A$58,300 on the low end. In contrast, the starting salary for a civil engineer is roughly A$64,000.
The discipline of engineering also has potential for development. In only a few years, you’ll be making much more money than when you first began, and you could even move into more advanced roles like consulting or project management.
4. Solicitor
After completing law school, a new solicitor’s pay might be rather substantial. After all, recent grads can expect to make an average of A$98,396 in their first year of work.
Unlike other occupations on this list, Solicitors do not need to spend as much time in school.
Earning a Bachelor of Laws (also known as an LLB) or a Combined LLB takes, on average, 4–5 years of full-time study in Australia. Practical legal education typically lasts about a year and is required of you (sometimes less).
Solicitors are expected to have rapid employment growth in the next few years, which bodes well for the profession. This is an especially important consideration for those thinking about a future in law.
5. Construction Manager
Construction managers may make a very excellent income even before they graduate. The average pay for a construction manager is roughly A$99,386 after graduating from college (which usually takes 3–4 years).
In Australia, the building is a big business right now. It’s good news for fresh grads looking for work.
Getting work experience as an assistant manager before graduating might boost your employment prospects. You may use this opportunity to see whether a career in construction management is a good match for you.
What Degree Pays the Most in Australia?
In many situations, getting the correct degree is the first step toward landing a high-paying career in Australia. If you want to have a high beginning wage as soon as you graduate from college, take a look at the table below, which breaks down some of the top degree kinds to take into account:
Any of these degrees you pursue can still lead to many opportunities for you. These could assist you in making a high wage earlier than you (presumably) would have if you had chosen a different professional path.
It’s important to remember that these figures are only approximations based on typical salaries for recent grads. These are just a few of the most profitable possibilities that students should consider as they plan for the future. Many additional degrees can lead to wealthy careers.
In Conclusion
You can be confident that the careers above will take care of your money if you want it to jiggle, fold, wriggle, and do all sorts of fascinating things. You have many options, depending on your interests, as these occupations span several sectors.
You shouldn’t only concentrate on the occupations with the greatest salary if you want to work for a long time and be happy doing it. On the other hand, knowing the positions in your selected field that offer the highest salaries might help you plan your future career.
These are recognised as the highest-paying jobs in Australia despite not being the only ones for various reasons. So now that you know the occupations in Australia that offer the highest salaries, get that bag, man!